Among other tyre makers, Balkrishna Industries, Apollo Tyres and Ceat were up 2 per cent to 3 per cent on the BSE in intra-day trade.
Kotak Institutional Equities believes multiple government initiatives, including potential Goods and Services Tax (GST) cuts, will drive auto demand
Tyre manufacturers such as MRF, which supplies to automakers including Hyundai Motor India and Bajaj Auto, rely heavily on vehicle sales for a significant portion of their revenue
Tyre stocks rallied today on expectation that the recent correction in raw material prices will benefit the companies favourably from the latter part of Q2FY26
MRF Q4 FY25 result: The board of directors of the company proposed a final dividend of ₹229 per equity share
MRF Q3FY25 results: The board of directors announced a second interim dividend of Rs 3 per equity share (30%) for the financial year ending March 31, 2025
MRF Vice-chairman about the company's growth strategy, export roadmap, and raw material price concerns, among others
Brent crude futures climbed $1.48, or 1.86 per cent, to $81.24 a barrel by 0113 GMT after hitting an intraday high of $81.49, the highest since August 27
Tyre maker MRF on Thursday said its consolidated net profit declined by 3 per cent year-on-year to Rs 571 crore for the first quarter ended June 30, 2024. The company had reported a net profit of Rs 589 crore in the April-June quarter of last fiscal. Total income increased to Rs 7,280 crore for the period under review as against Rs 6,515 crore in the June quarter of FY24, MRF Ltd said in a regulatory filing. Shares of the company were trading 4.80 per cent higher at Rs 1,41,130 apiece on the BSE.
The jump in the stock price came after the company's profit zoomed 54.8 per cent quarter-on-quarter (Q-o-Q) to Rs 573.4 crore in the June quarter of FY24, from Rs 370.5 crore in Q4FY24.
Company says it recorded growth in all product groups as increase in raw material prices continued
The company said its board has approved raising of Rs 100 crore through issuance of non-convertible debentures on a private placement basis.
Tyre maker MRF on Tuesday reported 53.99 per cent decline in consolidated net profit at Rs 189.06 crore for the second quarter ended September 30, 2021
Analysts at Anand Rathi Research are positive on the outlook for the company as demand in TBRs, PCRs and two wheelers has started to pick up
The tyre maker relies on its association with the customer to build a new brand in a new category
MRF, Balkrishna Ind, TVS Srichakra, Ceat, Apollo Tyres, Goodyear India and JK Tyre were up 1% to 3%